Public Notice of Amalgamation ProposalPursuant to Section 221 (4) (b) Companies Act 1993The boards of 450 Queen Street Limited, Gracefield Property Fund Limited, Mt Wellington IndustrialFund Limited, Parkwood Properties Limited, Penrose Property Fund Limited, St Laurence North Harbour Limited, Strategic Omega Limited and Takapuna Property Fund Limited (each an “amalgamating company”) give notice of a proposed amalgamation under which they will amalgamate with each other, effective on the 31st day of December 2005, and continue as St Laurence Properties Limited, as the amalgamated company.St Laurence Properties Limited is a new company that will be created under the proposed amalgamation.Copies of the amalgamation proposal are available for inspection by any shareholder or creditor of an amalgamating company, or any person to whoman amalgamating company is under an obligation, atthe registered office of that amalgamating company(as set out below) during normal business hours.Any shareholder or creditor of an amalgamating company, or any person to whom an amalgamating company isunder an obligation, is entitled to be provided with a copyof the amalgamation proposal free of charge by writingto the registered office of that amalgamating company(as set out below) and requesting a copy.The registered office of each amalgamating company is Level Six, 138 The Terrace (P.O. Box 1894), Wellington.Dated this 24th day of November 2005.Signed by:KEVIN JOHN PODMORE, AENEAS (MIKE) EDWARD O’SULLIVAN and JOHN DESMOND MALLON.